THE Nigeria Deposit Insurance Corporation (NDIC) in partnership with the Bureau of Public Procurement (BPP) held a retreat which borders on current developments in the public procurement process in Nigeria, and how to mitigate challenges.
The two-day management retreat which was held in Lagos over the weekend, was organised by the Nigeria Deposit Insurance Corporation between February 4 and 6, 2022 with the theme, ‘Understanding procurement processes for efficient management of resources.’
Speaking at the event, Managing Director/CE, NDIC, Bello Hassan, said the Corporation has maintained a cordial and progressive engagement with BPP over the years in different capacities.
This, he added, has empowered the NDIC to discharge its mandate more efficiently and effectively to satisfy its stakeholders’ expectations.
According to him, on a yearly basis the staff of NDIC attend various BPP capacity building programmes offered at Ahmadu Bello University (ABU), Zaria and Federal University of Technology (FUT), Owerri.
The Corporation has a total of 10 certified staff in its Procurement Department as at December, 2021, Bello stated.
The NDIC is a key component in the square of Financial Safety-Net framework comprising four key components/ functions of prudential regulation and supervision, failure resolution, deposit insurance and lender of last resort.
According to Bello, the various components aim to promote financial stability at all times and manage vulnerabilities of financial instructions.
The CBN handles the lender of last resort function, while the CBN/NDIC collaborate effectively to address prudential regulation and supervision as well as failure resolution as a team but the deposit insurance management is being undertaken solely by the NDIC.
Bello said, “In furtherance to remain a learning and growth institution to keep abreast with the development in the procurement processes such as the recently published upward review of approval threshold and its implications on procurement, the NDIC found it necessary to hold this retreat.
“This would further engage the BPP in a deeper conversation on the NDIC challenges in the procurement processes. The aim of this management retreat is to ensure that participants acquaint themselves with salient provisions of the Public Procurement Act, 2007 and to have a greater understanding of the procurement processes.”
The desire for continued engagement and partnership with a critical stakeholder like the Bureau, Bello stressed, stands as “my unequivocal commitment and determination to ensure that the Corporation discharges its mandate successfully to the benefit of depositors and the nation’s financial system as a whole.”
He said papers presented were deliberately designed to give an in-depth view on the processes and issues emanating in public procurement management as well as critical issues to be addressed in order for the Corporation to effectively implement its public policy objectives and achieve its ultimate vision of becoming ‘One of the best deposit insurers in the world.’
“The outcomes and learning points from the deliberations are expected to further reinforce our understanding and effort to attain smooth sailing of the enabling regulatory environment required by the Corporation for implementing procurement processes effectively,” Bello stated.
Also speaking, the Director-General, BPP, Mamman Ahmadu, who was represented by the Director, Compliance, Certification and Monitoring at the bureau, Ishaq Yahaya, said public procurement requires teamwork.
He also disclosed that the Bureau is working on documents and platforms through consultants to address ICT procurement and other issues in the process to enhance efficiency.
The Centre, according to the deputy governor, has always been a pivotal part of the Nigerian financial industry; in fact, the story of Nigerian banking cannot be told without FITC.
“Through the years, FITC has meant different things to different people.
“For some, it was a place to study for professional exams – I often recall with nostalgia my early days as a young banker studying for my Masters at the FITC library in Apapa, Lagos, others have leveraged FITC’s many research publications over the years – its legendary Journal of Banking and Finance and other industry specific reports have been important input for the academia and practitioners alike.
“FITC’s flagship Bank Directors course and continuous education programmes have undoubtedly elevated the leadership and governance capacity in the banking industry,” Ahmad emphasised.
Over the years FITC has continually sought accreditations and leveraged local and international partnerships to align its knowledge solutions to support the evolving needs of the industry – from fraud and banking operations, credit risk management, customer service, to employee engagement, board leadership and governance – introduction of tailored consulting solutions, expanding its clientele regionally to cover the full gamut of financial instructions and transforming from physical course delivery to deploying technology-driven learning management solutions and virtual convening support for key stakeholders in the regulatory space.
Managing Director/Chief Executive Officer, FITC, Mrs. Chizor Malize appreciated attendees, especially the panelists at the summit including; Mr Tunde Hassan Odukale, MD/CEO Leadway Assurance; Mrs Ireti Samuel-Ogbu, MD/CEO Citibank Nigeria; Mr Segun Ogunsanya, MD Airtel Africa; Mr Uzoma Dozie, MD Sparkle and the moderator, Mrs Folakemi Fatogbe, former director at the CBN and CEO The Derisking Lab.
and then